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Lee jailed for 5 years in bribery case

Lee jailed for 5 years in bribery case

Although the prosecution asked for a 12 year jail term for Lee Jae Yong alias Jay Y Lee, he was spared the long sentence which is considered the longest given to any South Korean Chaebol (South Koren form of business conglomerate) leader. Lee had been spearheading the country's biggest conglomerate with 350 trillion won ($310.1 billion) in assets as its father and chairman Lee Kun-hee has fallen into a coma in 2014 after a heart attack.

THE HEIR APPARENT to the not-inconsiderable Samsung fortune has been jailed for five years on bribery charges.

The court heard closing arguments from an independent counsel, which acted as the prosecution in the trial, and Lee's lawyers earlier this month. The younger Lee is unlikely to enjoy such leniency. Since the verdict, Samsung shares fell by 1%. "It will be hard to recover from this loss of faith".

It's not clear who will run Samsung now.

Some criminal lawyers had expected Lee to be found innocent of the major charges, as much of the evidence at the trial has been circumstantial.

They said Lee was aware that Park wanted Samsung to sponsor the equestrian training. Lee is now vice chairman of Samsung Electronics. It is the world's biggest maker of smartphones and memory chips, with customers including Apple Inc., Wal-Mart Stores Inc. and Microsoft Corp.

"Samsung executives were steadily preparing for Lee's succession and paid large bribes to the president, who had the ultimate authority over Korea's economic policy, with an anticipation of her help for the management control succession scheme", Kim said.

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"It will be more hard for Samsung to negotiate the transnational deals with its present and future global partners", Swiercz said.

Fitch Ratings issued a statement on Friday saying that even though Lee's conviction will not affect the short-term operating performance and credit profile of the company, it posed questions for the longer term.

Along with Mr Lee's sentencing, former Samsung executives were also convicted Friday. She is stripped of powers while awaiting a court decision on the vote. "Lee should be pardoned".

In June, a Seoul court sentenced Choi to three years in prison for obstruction of duty by using her influence to solicit academic favors for her daughter from Ewha Womans University.

The court said Lee hoped bribes for Park Geun-hye at the time she was president and her close friend Choi Soon-sil would secure government support for a merger that strengthened Lee's control over the Samsung empire and its flagship Samsung Electronics at a crucial time.

The sentencing is the latest episode in a scandal that saw millions of South Koreans protest last autumn, leading Park to be ousted.

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